Teddy Sagi for another exit: Sell his stake in SafeCharge for $ 570 million; The stock is leaping in London
The purchase offer to Cepharge, which provides clearing and payment solutions, reflects a value of $ 889 million. The offer was filed by Nuvei Bidco, a Canadian company, part of the Nuvei Group, which also deals with clearing technology. The offer reflects a 25% premium on the share price In London by 22%
SafeCharge is climbing on the London Stock Exchange on the back of a takeover bid by the company, which is controlled by billionaire Teddy Sagi, who is facing another huge exit.
The company, which provides clearing and payment solutions, was first floated on London’s AIM secondary stock exchange in 2014 at a value of £ 243 million, and the company’s value at the end of trading was £ 530 million, Today, the share jumped 22%. The tender offer reflects a value of $ 889 million, or £ 699 million, on a fully diluted basis.
The acquisition was filed by the Canadian company Nuvei Bidco, part of the Nuvei Group, which also deals with clearing technology. The company offers to pay $ 5.55 in cash for each sharecircle – £ 4.36, a 25% premium on yesterday’s closing price, and 41% on the average price last month.
The share price was trading ahead of the price close to its peak set in June 2018. The offer said the offer reflected a 23% premium on the price.
The boards of directors of both companies support the deal. The board of directors of Saipcharge believes the deal is “fair and reasonable,” based on advice he received. It also said that the deal is in line with shareholders’ interests, and therefore the board of directors recommends that it be supported. Sagi, which holds 68.3% of the shares, has already announced its support for the deal. He will receive $ 572 million in exchange for the shares of Saipcharge.
Sagi has so far received $ 100 million in dividends
Sagi founded SafeCharge together with David Abgy, the company’s CEO, and Sagi has received $ 100 million in dividends from the company.
“The board of directors unanimously supports Nuvei’s offer to acquire Speicherge at an attractive premium, which reflects a compelling value for shareholders,” said Roger Withers, chairman of the company. “As for the SafeCharge development center in Israel, it will continue to serve as the basis for continued global growth of the merged company, both in the emerging Israeli market and in the global market. Cipcharge ended the year 2018 with revenues of $ 139 million, Compared to 2017, and with a net profit of $ 23.3 million, a decrease of 22%, and at the end of the year the company had $ 93.1 million in cash. Revenues from $ 155-165 million, and EBITDA of $ 40-42 million, compared with $ 37.3 million in 2018. Six months ago, Sagi sold its remaining stake in Playtech shares, which provides a platform for online gambling sites, 2006, and has since sold more than $ 2 billion (including dividends).
In recent years Sagi’s investments have focused mainly on the real estate market and technology projects, for example, he acquired the London-based Camden Market market, Sagi also acquired control of real estate company Brack-NV in Germany, a million shekels.